Finsbury chief executive departs

Cake and bread maker Finsbury Food yesterday announced that chief executive Martin Lightbody stepped down with immediate effect after the group reported a 65 per cent  fall in year end pre-tax profit. Lightbody will be replaced by chief operating officer John Duffy. Finsbury posted pre-tax profits of £5m for the year to 4 July, compared with £7.7m over the same period the previous year. Revenues climbed to £179m from £165m, after acquisitions boosted sales.